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Anticipation Certificate Cash Flow and Sizing Workbook <br />Sizing and Arbitrage Worksheet <br />City of Gem Lake <br />December 8, 2006 <br />Simple Sizing Test <br />Prior Year's Disbursements <br />$487,090 <br />5% of Prior Year Disbursements: $24,355 <br />+ Largest Estimated Cash Deficit: 147,533 <br />Maximum Borrowing Amount $171,888 <br />Certificate Sizing and Proceeds <br />Certificate Amount: $155,000 <br />Discount: 775 <br />Minimum Price: 154,225 <br />Est. Costs of Issuance: 9,225 <br />Net Proceeds: 145,000 <br />IRS Arbitrage Test <br />Lowest Cash Balance After Certificates: 795 Excess of working capital over available amounts <br />- Proceeds of issue (par amount) (155,000) <br />- 5% of prior year's expenditure (24,355) Reasonable working capital reserve <br />Result (178,559) <br />Above result must be a greater negative number than the certificate amount <br />MEETS TEST <br />If the above test is met, it means that the proceeds can be reasonably expected to be allocated to <br />working capital expenditures within 13 months. <br />EHLERS <br />& ASSOCIATES INC <br />Todd Hagen, CIPFA <br />Public Finance Advisor <br />651-697-8508 <br />1-800-552-1171 <br />Prepared by: Ehlers & Associates, Inc. Preliminary: For Discussion Purposes ONLY 12/8/2006 <br />